The U.S. dollar lost about 7% of its value in 2020, while Bitcoin rallied about 300% during the same period. As Bitcoin’s institutional adoption increases, United States companies may start to diversify their treasury with other stores of value, and Bitcoin (BTC) stands a good chance to garner a portion of it.
Ark Invest’s latest report, “Bitcoin: Preparing for Institutions,” shows that even a paltry allocation of 1% by companies from the S&P 500 could boost Bitcoin’s price by $40,000. However, analysts at Ar believe that the allocation is likely to be in the range of 2.5% to 6.5%, which “could impact bitcoin’s price by $200,000 to $500,000.”
Even as Bitcoin’s price consolidates and readies for the next leg up, several altcoins have been rising, backed by strong fundamentals and investors’ high expectations of their upcoming products. Let’s look at three such tokens today.
The decentralized finance space has boomed in the past few months, and the success of the protocols rely heavily upon data sources that are decentralized, fast and reliable. This is where Band Protocol steps in. The cross-chain data oracle has announced several partnerships in the past few days, which shows it is gradually building its market share.
The strong rally in stocks such as GameStop, AMC and others have captured traders’ attention in the past few days. Band’s tie-up with Injective Protocol to deliver decentralized price oracles for various stocks to be supported on the decentralized derivatives platform could benefit the price of its native token, BAND, as a successful integration would be followed by an increase in demand.
Similarly, Linear Finance, a derivatives asset protocol, will also use Band’s real-time price feeds to offer its clients a seamless trading experience for several synthetic assets.
Band is not limited to only providing price feeds of cryptocurrencies, foreign exchange assets and commodities. Elrond…